Annuity income options: You can choose to receive annuity payments based on your choice of several annuity options. If you use a traditional annuitization option after five contract years, your annuity payments are based on your accumulation value. These annuity options can have certain tax advantages; however, you would no longer receive the benefits of the 360 Benefit rider, including the increasing withdrawal percentages. LEAVING A LEGACY Allianz 360 SM also has a death benefit for your beneficiaries, and they can choose to receive it either as a lump sum (a single payment) or as annuity payments. The death benefit will be the greatest of your annuity’s accumulation value, guaranteed minimum value, cumulative withdrawal amount, or your premium minus any withdrawals and corresponding surrender charges, adjusted by any MVAs (net premium). GUARANTEED MINIMUM VALUE The guaranteed minimum value is the amount you would receive if you were to cash in your annuity at a time when your cash surrender value was less than the guaranteed minimum value stated in your contract. The rate used to calculate the guaranteed
REQUIRED MINIMUM DISTRIBUTIONS (RMDS):
RMDs from your Allianz annuity held within a tax-qualified plan (IRA, SEP, etc.) will qualify as free withdrawals. Please keep in mind that purchasing an annuity within a retirement plan that provides tax deferral under sections of the Internal Revenue Code results in no additional tax benefit. An annuity should be used to fund a qualified plan based upon the annuity’s features other than tax deferral. Please consider all annuity features, risks, limitations, and costs before purchasing an annuity within a tax- qualified retirement plan. Note: The money you take out may be taxable. Your contract values can grow tax-deferred. However, any money you take from your contract, including free withdrawals, other partial withdrawals, and required minimum distributions, may be taxable as ordinary income. Because annuities are meant for long-term purposes, if you are under age 59½ when you take a distribution, it may be subject to a 10% federal additional tax. Cumulative withdrawal amount: Once you begin taking lifetime income payments, you can choose to take less than your maximum withdrawal amount. We keep track of the amount that’s “left over.” The amount that is left over is called the cumulative withdrawal amount. This feature allows you to take any or all of that remainder anytime after you have taken your maximum annual income payment in a contract year.
minimum value may vary by state. (See the Statement of Understanding for details.)
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